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CA#ad Rupee depreciation does not impact USD Fixed Deposits, since both the investment and returns are held in USD.
In the case of GIFT City inbound Mutual Funds, the money is already invested into Indian markets in INR, so returns are generated in rupee terms and are not tied to USD currency movements.
All investments are fully repatriable without restrictions. Funds can be withdrawn seamlessly to a foreign bank account or credited to an NRE/NRO account, ensuring complete flexibility in moving money across geographies.
USD Fixed Deposits offer a total return of 6%, comprising a 4% base bank rate and an additional 2% Belong bonus. In the event of premature withdrawal, a fixed penalty is applied. Interest is then recalculated at the applicable rate minus 1%, or zero, whichever is higher. The Belong bonus component is not paid in cases of premature withdrawal.
Funds are not held by Belong at any stage. For Fixed Deposits, funds are maintained with the partner bank, while for Mutual Funds, they are held with the respective fund houses. Any balance held within the Belong wallet is maintained with RBL Bank, which acts as the custodian.
For eligible investors, returns are tax-free in India on these investments. NRIs residing in countries such as the UAE and Singapore typically enjoy completely tax-free returns in their country of residence as well, subject to applicable local regulations. For NRIs residing in other countries, any gains or interest earned may be taxed based on the tax laws and income slabs of their respective country of residence.
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